Following data were taken from the Y4 financial statements of Ultimate Style Company Administrative Expenses Cost of Goods Sold Interest and other income, net 10,000 Net Sales Total Assets (12/31/Y3) 900,000 Total Assets (12/31/Y4) 1,100,000 $ 5,000 s 70,000 500,000 Other losses (loss on sale of building) Provision for income taxes 38,000 800,000 100,000 Selling Expenses Based on the above data answer questions 5 through 10. Q5. What was the Gross profit? A. $135,000 B. $300,000 C. $200,000 D. $130,000 Q6. What was the gross profit percentage? .12.125% B. 16.25% C. 37.5% D. 62.5% Q7. What was the Total Assets Turnover? A. 0.89 B. 0.80 C. 0.73 D. 0.30 Q8. What was the Income from Operations? A. $135,000 B. $300,000 C. $200,000 D. $130,000 09. What was the Income before Income taxes? A. $135,000 B. $300,000 C. $200,000 D. $130,000 010. What was the Net profit percentage? .12.125% B. 16.25% C. 37.5% D. 62.5% 011. Sales Returns and allowances is a contra-revenue account. A. True B. False 012. Retained earnings is a long-term liability. A. True B. False